Is it time to trade in your car for a new one? There are quite a few good reasons to do a trade with a dealership. One of those reasons is how much you can get in exchange for your current vehicle.
But, if this is your first time trading in your car, you might be wondering if there’s a right way to do it. There is, in fact. And this guide will help you go into the dealership ready to take all you can get.
How to Get More Money When Trading in Your Car
When it comes to negotiating your car trade-in, you can’t be timid. Leaving it up to the dealership will only have you leaving with less than you deserve. So, take matters into your own hands and use these trading tips.
1. Do Your Homework
How do expect to know what’s going on at the dealership if you haven’t done your homework? Anyone can give you a number and you’ll never know the difference.
That’s why doing your research about your vehicle is critical. Know its history, know it’s VIN, know everything you can about it. The most important thing to know, though, is its value.
How do you find the average value of your car at its current time age and condition? Look at other cars for sale that are like yours.
2. Negotiate Trade-In Separate from New Car
If you’re new to the car buying scene, it’s easy to get caught up in the process. What seems like a great deal, may not be.
When negotiating the trade of your car, make sure it has nothing to do with a new car. The reason is that some dealerships will balance the price of a new car with the trade-in. Meaning, they could up the price of the new car in exchange for what they give you for your current one.
How do you avoid this? You could get financial backing through a loan from your bank instead of the dealership. Don’t let your debt raise, though. Keep an eye on your credit and make sure a new loan isn’t going to harm your bank account in the long run.
3. Cash for Cars Options
If finding the best place to trade in a car is turning out too hard, try another option. There are plenty of places that will give you cash for cars, no strings attached. This could give you room to go to a dealership and find a new car without the hassle of trading.
One way to get make sure you get a good value on it is to fix it up. Make sure the paint is good, the interior is clean, and there aren’t a lot of problems. The better it looks, the more cash you can get for it.
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Trading in your car can seem like a daunting prospect. You have to make sure you’re firm about your needs. Don’t get talked into something you aren’t sure about. And most important, be ready to negotiate or wait for something better.
Want more car-buying advice? Check out these 5 pros and cons of buying a used car.